Stanbic IBTC Bank Plc (IBTCCB), a unit of Standard Bank Group Ltd., won approval from Nigeria’s central bank to provide Islamic banking services in Africa’s most populous nation, Deputy Governor Kingsley Moghalu said.
A preliminary license was awarded to Stanbic last week for a Shariah-compliant banking window, the first one given to a commercial bank in Nigeria, Moghalu said in an interview in South Africa’s capital, Pretoria, on July 1. Islam bans paying and receiving interest..............................................Full Article: Source